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Brad DeLong's Grasping Reality 2020-02-22 04:42:08

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An excellent catch from Claudia Sahm: Claudia Sahm: When will everyone who wants to work have a job in the United States? https://equitablegrowth.org/when-will-everyone-who-wants-to-work-have-a-job-in-the-united-states/: 'Ayanna Pressley (D-MA) prefaced her questions directed to Federal Reserve Chair Jerome Powell at last week’s semiannual Humphrey-Hawkins congressional hearings with a history of the full employment mandate.... President Franklin Delano Roosevelt called for a Second Bill of Rights, including a right to a “useful and financially rewarding job.” Supreme Court Justice Thurgood Marshall argued that the “right to a job” was secured by the 14th Amendment. Martin Luther King Jr. called for a job to all “who want to work and are able to work.” She underscored that the March on

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An excellent catch from Claudia Sahm: Claudia Sahm: When will everyone who wants to work have a job in the United States? https://equitablegrowth.org/when-will-everyone-who-wants-to-work-have-a-job-in-the-united-states/: 'Ayanna Pressley (D-MA) prefaced her questions directed to Federal Reserve Chair Jerome Powell at last week’s semiannual Humphrey-Hawkins congressional hearings with a history of the full employment mandate.... President Franklin Delano Roosevelt called for a Second Bill of Rights, including a right to a “useful and financially rewarding job.” Supreme Court Justice Thurgood Marshall argued that the “right to a job” was secured by the 14th Amendment. Martin Luther King Jr. called for a job to all “who want to work and are able to work.” She underscored that the March on Washington for Jobs and Freedom was a march for “economic justice.” After Dr. King’s assassination, Coretta Scott King carried on fight for the full employment mandate. She attended the signing of the Humphrey-Hawkins Act in 1978, and the reason why Powell was there to testify. Rep. Pressley then asked Powell, “Yes or no, given persistent concerns about inflation, do you believe the Federal Reserve can achieve full employment?” Powell began by thanking her for the history, which he said he “did not know”...

Bradford DeLong
J. Bradford DeLong is Professor of Economics at the University of California at Berkeley and a research associate at the National Bureau of Economic Research. He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.

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